Common use of Progress Payments for Phase 2 Services Clause in Contracts

Progress Payments for Phase 2 Services. 7.2.1 An initial payment of dollars ($ ) shall be made within thirty (30) days of the written agreement of the parties as to the amount and compensation method of the Contract Price for Phase 2 Services and credited to Owner’s account at final payment. (Optional provision – set at $0 if no initial payment is to be made.) 7.2.2 Design-Builder shall submit to Owner on or before the tenth (10th) day of each month, beginning with the first month after the Date of Commencement, Design-Builder’s Application for Payment in accordance with GC 5.3 (“Monthly Progress Payments for Phase 2 Services”). 7.2.3 Owner shall make payment within thirty (30) days after Owner’s receipt of each properly submitted and accurate Application for Payment in accordance with GC 5.3, but in each case less the total of payments previously made, and less any amounts properly withheld under GC 5.4 (“Withholding of Payments”) and Section 7.3 below (“Retainage on Progress Payments”). 7.2.4 If Design-Builder’s Fee is a fixed amount, the amount of Design-Builder’s Fee to be included in Design-Builder’s monthly Application for Payment and paid by Owner shall be proportional to the percentage of the Work completed, less payments previously made on account of Design- Builder’s Fee.

Progress Payments for Phase 2 Services. 7.2.1 An initial payment of dollars ($ ) shall be made within thirty (30) days of the written agreement of the parties as to the amount and compensation method of the Contract Price for Phase 2 Services and credited to Owner’s account at final payment. (Optional provision – set at $0 if no initial payment is to be made.) 7.2.2 Design-Builder shall submit to Owner on or before the tenth (10th) day of each month, beginning with the first month after the Date of Commencement, Design-Builder’s Application for Payment in accordance with GC 5.3 (“Monthly Progress Payments for Phase 2 Services”). 7.2.3 7.2.2 Owner shall make payment within thirty (30) days after Owner’s receipt of each properly submitted and accurate Application for Payment in accordance with GC 5.3, but in each case less the total of payments previously made, and less any amounts properly withheld under GC 5.4 (“Withholding of Payments”) and Section 7.3 below (“Retainage on Progress Payments”). 7.2.4 7.2.3 If Design-Builder’s Fee is a fixed amount, the amount of Design-Builder’s Fee to be included in Design-Builder’s monthly Application for Payment and paid by Owner shall be proportional to the percentage of the Work completed, less payments previously made on account of Design- Builder’s Fee.